As expected, eurozone finance ministers have again postponed approving the release of the next...

As expected, eurozone finance ministers have again postponed approving the release of the next tranche of Greece's bailout after failing to reach an agreement on how to make the country's debt more sustainable in the long term. Eurogroup chairman Jean-Claude Juncker blamed the delay on technical details and said they'll all meet again on Monday for more talks.

European finance ministers are due to meet in Brussels today, when, it was once hoped, they'd finally authorize more bailout money for Greece, but that prospect is apparently looking unlikely. Ministers will also have to work out how to plug another €15B hole in the country's finances, over and above the bailout already agreed. The gap was created by giving Greece another two years to cut its budget deficit.

Everyone is hopeful we reach a solution soon but the reality is, just like the US, we are kicking the can down the road.

The Europeans want to write off a significant portion of Greek debt but Merkel has an election in September and she does not want it to turn into a referendum on Greece and the Euro. That is why she has taken a weaker tone lately.